When you start to investigate Importing goods it can be daunting, confusing and full of jargon.
At KTL we recommend you follow a few rules to make life easier and remove some of the confusion, follow these rules and you will be off to a great start.
– Before you commit to buy anything make sure that you have checked any potential charges on arrival to the UK, most goods will attract Import VAT at 20% of the value of goods, plus freight along with Import DUTY. While the majority of products have low duty rates (between one and five percent) some goods have additional DUTY depending on certain criteria, and some products such as Ceramic Tiles and Bikes have ADD (Anty Dumping Duty) which can be upwards of FIFTY Percent, so it is essential you check this before shipping. This webpage is very informative from HMRC
– Check UK Costs for transport and customs clearance, and make contact with good, reputable freight forwarder to check freight costs and any associated costs on arrival to the UK.
– Get your EORI Number (Economic Operator Registration Identification Number) – Register with HMRC as a UK importer. This easy process is essential for customs clearance of the goods when they arrive to the UK, this can be done online here and it takes a few minutes, within around 5-8 days you should get your EORI Number.
– Check your buying terms and agreement with your supplier, almost all goods are sold using standard INCOTERMS - Which are a set of terms globally recognised that lay out the responsibilities of the supplier and buyer of goods, KTL UK Can assist with this, if you need help please contact us.
With our contacts, offices around the world and knowledge KTL Are the ideal partner to help you make sense of Importing and International Trade.